Shanghai Forte Land (Forte) and its controlling shareholder, Fosun Internationaｌ(Fosun), announced that they have entered into a supplemental agreement in order to amend the scope of the Forte core business as set out under a non-competition agreement and set out certain further undertakings from Fosun.

Pursuant to the supplemental agreement, Fosun and Forte have agreed that sales planning, exchange and real estate agency services will be taken out from the Forte core business. Accordingly, upon the supplemental agreement taking effect, the Fosun group will be permitted to engage in sales planning, exchange and real estate agency services via Resource Property Consultancy upon completion of the acquisition.

Fosun and Forte have also entered into an equity transfer agreement whereby Fosun has agreed to acquire from Forte a 67.1% equity interest in Resource Property Consultancy for a consideration of RMB91.44 million ($103.804 million).

Forte considers that the proposed amendments to the non-competition agreement due to Forte's strategy to streamline its business structure will allow Forte to focus on its property development business, which will potentially increase its revenue and profitability.